Young Smart Money

Yotta Savings has been exploding in popularity lately and it's not why you might think... In this video, I'll be reviewing the Yotta Savings app as well as showing you inside my $40,000 Yotta Savings account.

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The Yotta Savings app has been gaining massive popularity in the last few weeks since Graham Stephan's popular "I just bought a bank" video. Since the release of this video, there have been dozens of other videos talking about the Yotta Savings app. However, I think most of these videos miss the bigger point.

This Yotta Savings Review will peel back the curtain on the real reasons why Yotta Savings is blowing up so quickly. This app has pioneered a new formula for growth and it is proving to be very successful. I believe many other fintech apps are going to take notice of the Yotta Savings growth strategy and follow suit.

Additionally, we'll be addressing many other things about Yotta Savings, how it works, where the idea came from, and how Yotta makes money.

Every week, Yotta winners are announced and have the potential to win up to $10 million. On my $40k account I'll be showing you exactly how much I have won from Yotta Savings so far and how winners are chosen.

It's also important to keep I'm kind how Yotta Savings taxes work. Yotta winnings are not treated the same way as normal investments. By participating in Yotta Savings, you have the potential to pay a significant amount in taxes. So be sure to watch until the end to find out how that works!

TIMESTAMPS

00:00 - Intro

00:54 - Prize-Linked Savings Accounts

03:10 - How Does Yotta Work?

04:32 - Yotta Savings is NOT a Bank. What This Means...

06:08 - Why Yotta is Suddenly Blowing Up

08:42 - My $40k Yotta Account

11:50 - Taxes on Yotta Winnings

13:21 - Final Thoughts

Over the last few years, Graham Stephan has established himself as the YouTube authority when it comes to personal finance. From real estate investing, to credit cards, to the state of the economy, millennials and other young people turn to Graham for financial advice. But what are some of the core tenants of the Graham Stephan personal finance philosophy?

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In this video, we'll be highlighting some of Graham Stephen's top financial tips for people in their 20s. While these tips don't just apply from the ages of 20 - 30, they are tailored towards younger people who are just getting started out on their journey into personal finance.

Growing up, it's tough to find high-quality personal finance information. If you're not lucky enough to be born to parents that have their finances figured out, you're kinda just on your own. It's made even harder to find valuable information given the surge of bad actors giving out BS information in an effort to convince you that your hard-earned cash would be better off in their pocket.

As a 30-year-old who has already achieved multi-millionaire status, Graham's words have a lot of weight behind them. He's clearly not just another fake guru blowing smoke and trying to sell you on a course. While he does sell courses, they are on subjects he knows extremely well (real estate and YouTube) and his business model does not revolve around shoving these down people's throats.

Graham is a powerhouse of content, which is why I decided to make this video. Across his 3 YouTube channels, he's putting out at least one new video every day which is a ton of content for anyone to take in. Hopefully, this highlight reel will give you a feel for some of Graham Stephan's financial philosophies and motivate you to start taking action.

Timestamps for each tip, as well as links to each of the videos referenced, are down below. So, once you're done with the video feel free to take a deeper dive into any of them! And for goodness sake, if you're not already subscribed to Graham go subscribe!

P.S. don't forget to smash the like button for the YouTube algorithm ;)

00:00 - Intro

01:16 - Track Your Expenses

03:06 - Open A Roth IRA

06:36 - Get a Credit Card

09:11 - Keep Your Spending Consistent

12:09 - Think About Future Value

13:53 - Make More Money

17:41 - Reconsider College

19:51 - Start Investing Early

21:38 - Open A High Yield Savings Account

24:32 - House Hack

26:06 - Final Thoughts

How to make passive income online in 2021. These passive income ideas aren't the same old ideas you see recited over and over again on YouTube. You've already heard about those ways to earn passive income and if you wanted to do those, you already would have.

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These passive income ideas for 2021 are unique which is one of the reasons they work. If you use the same old ideas for making money online that everyone else has been using for years, it's going to be a lot harder to get started. Many of these old ideas are saturated and getting started with them has become virtually impossible.

In order to see real success with making passive income online, you need new ideas. You need to think outside the traditional passive income methods and try things that are different. After watching this video, you'll have a new list of passive income ideas that you can try out, along with the knowledge you need to get started with any of them.

It's important to keep in mind with any passive income stream that you're going to need to put in some leg work up from. If anyone is trying to sell you on a magic money printing machine, it's probably either illegal, a scam, or both. When something sounds too good to be true, it probably is.

Creating passive income streams requires investing either time, money, or a combination of the two. When you invest your time to build a passive income stream, you might need to develop a new skill or learn how to do new things. This knowledge will pay off in time as you earn passive income and see the fruits of your labor.

If you don't have much time to invest in a passive income idea, you'll need to invest your money. This could be in the form of hiring others to build the passive income stream for you or buying assets that will provide you with cashflow.

Either way, passive income streams won't take off overnight. However, once the method for earning passive income has been set up, you'll be able to sit back and relax knowing that you're consistently making money online.

While there are millions of passive income ideas you can choose from, they only work if you do. You can watch videos like this all day long, but if you don't take action on something you're never going to start earning passive income.

So once you finish this video, pick one of these methods, and get started! It doesn't matter if this passive income idea is the one you stick with for the rest of your life, but at least stick with it for 3 months to give it a fair chance.

Once you decide which passive income idea you're going to start in 2020, COMMENT BELOW with what you're going to do so that we can all support each other.

Best of luck!

00:00 - Intro

01:07 - Create an Alexa Skill

04:06 - Rent Out Your Car

05:45 - Cash Cow YouTube Channels

07:22 - Build a Niche Website

09:02 - Print On Demand Business

10:25 - Creating an Online Course

12:23 - Starting a Podcast

14:15 - Vending Machines

16:48 - Sell Stock Footage

18:23 - Rewards Credit Cards

Becoming a Certified Financial Planner is no easy task. The requirements for CFP certification are arduous and take years for financial planners to meet. In this video, we'll be breaking down exactly what goes into becoming a CFP and how to meet the requirements for certification.

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A CFP or Certified Financial Planner is the premier designation for financial planners. Working with a certified financial planner assures you that the person sitting across from you is competent and is bound by a stricter ethics standard than your standard financial advisor.

In order to become a CFP, there are 4 requirements that all CFP candidates need to fulfill. These are the education requirement, the exam requirement, the experience requirement, and the ethics requirement. While there is not a strict order that they need to be fulfilled in, typically the education requirement comes first and is followed by the exam and experience requirements that are sometimes completed simultaneously. The ethics requirement is an ongoing commitment to a high ethical standard that always needs to be maintained.

In order to meet the CFP education requirement, you'll need to go through a CFP Board registered program that covers the core topic areas of financial planning. Many colleges now offer CFP Board certified degrees that allow students to have completed the education requirement upon graduation. Personally, that's what I was able to do at UW Madison so that immediately upon graduation OI was ready to sit for the exam.

The CFP Exam was hands-down the hardest exam I have ever taken. Cumulatively, I spent over 500 hours studying for this exam (which probably adds up to more time than I spent on studying all throughout college). The exam is 6 hours long and contains 170 questions ranging from taxes, to ethics, to investments, to estate planning, and a whole lot of other financial topics. After passing the exam, you'll need to start racking up experience in the field before you can start calling yourself a CFP.

Meeting the CFP Experience Requirement consists of accumulating over 6,000 hours of work in the field. This equates to about 3 years working full-time. If it weren't for this pesky requirement, I'd already be able to call myself a CFP, but because I haven't accumulated enough hours yet, I can't use the marks yet.

Last is the ethics requirement. Being a CFP, you are held to a higher ethical standard than other financial professionals. As a CFP, you are required to put the best interests of your clients above your own. While some would argue this is just common sense (myself included), just because someone holds themselves out as a "financial advisor" doesn't mean they have to only think about what is best for you. They might be swayed to make recommendations based on which products make them the most commissions. Not great.

Once you have met all 4 of these requirements (and paid some money to the CFP Board), you can now legally hold yourself out as a CFP, add the letters to the end of your LinkedIn profile, and get to work!

I hope you found this video helpful and if you are considering going down the path of becoming a certified financial planner, I am wishing you all the best!

TIMESTAMPS

0:00 – Intro

2:10 – How To Become A CFP

2:20 - Education Requirement

4:22 – Exam Requirement

6:57 – Experience Requirement

10:06 – Ethics Requirement

Starting a side hustle is one of the best ways to make money online and start building passive income streams. In this video, we're going over 6 of the least common side hustle ideas for you to start in 2020.

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2020 has been wild. Many of us have seen reductions in our income and are looking for creative ways to start making money online to keep ourselves afloat. Personally, I believe there has never been a better time to start an online side hustle. With more and more people spending more time online every day, a whole host of new opportunities have opened up to young entrepreneurs willing to think outside the box.

The side hustle ideas I'll be sharing in this video are not your typical online side hustles like filling out online surveys or selling services on Fiverr. While these side hustles can work for some people, you already know about them and if you were going to start doing them you already would have started.

My objective with this video is to make you aware of some new side hustle ideas that you haven't thought about before. Many of the side hustles I'll be talking about can earn you anywhere from $25 - $100 per hour without significant startup costs or experience required.

One thing that I truly believe in is the more creative you get, the easier it is to make money online. So while there are only 6 side hustle ideas in this video, I would recommend you take these side hustles and think about ways you can adapt them or create new side hustles that are inspired by these. That is where you're going to get the most bang for your buck and have the greatest potential to generate passive income.

Last, it's important to remember if something sounds too good to be true, it probably is. There are more and more bad actors popping up online trying to sell you a pipe dream about the next big side hustle or passive income opportunity. It's never been more important that you do your homework before trusting something you hear online and especially before handing over any of your hard-earned cash.

But that's enough from me. I hope by the end of this video you'll have some new side hustle ideas and take action on turning them into a reality. Enjoy! 

TIMESTAMPS

0:00 INTRO

1:00 Side Hustle Idea #1 

3:28 Side Hustle Idea #2

5:09 Side Hustle Idea #3

6:59 Side Hustle Idea #4

10:22 Side Hustle Idea #5

13:39 Side Hustle Idea #6

How does a Roth IRA work and do you need one? In this video, we're breaking down the core elements of a Roth IRA so that you can quickly and easily evaluate if opening a Roth IRA is right for you.

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A Roth IRA can be one of the most effective retirement accounts for young people looking to become tax-free millionaires. That's because of the numerous tax advantages that Roth IRAs give investors.

First, it's important to understand that the money you put into your Roth IRA is money that you have already paid taxes on. This is one of the key differences between a Roth IRA vs. Traditional IRA. With a Traditional IRA, you are saving pre-tax money. With a Roth IRA, you are saving post-tax money.

The impact of this is that while with a Traditional IRA you will have to pay taxes when you withdraw your money in retirement, a Roth IRA allows you to make tax-free withdrawals provided you follow the rules (more on those later).

In addition to your money growing tax-free, you'll also be able to access the cash you deposit into this retirement account whenever you like without any penalties. Notice I said the cash you deposit into your Roth IRA. The money you put into your Roth IRA is yours to withdraw whenever you like. The investment growth on the other hand will need to stay in your Roth IRA until requirement or else you'll be subject to some penalties.

Speaking of penalties, let's get into some of the drawbacks of Roth IRAs (because it's not all sunshine and rainbows).

The biggest drawback to investing in a Roth IRA is that your earnings are out of reach until you reach the ripe age of 59.5. Why 59.5? Ask congress. If you try to take your earnings before then, they'll be taxed and potentially subject to an additional 10% penalty. So the money you're putting into your Roth IRA really should be money you're saving for retirement.

Additionally, there are contribution limits to your Roth IRA that are important to keep in mind. As of 2020, individuals can only put up to $6,000 into their Roth IRA (or $7,000 if they are 50+ years old). If you are just getting started with investing, this might not be a big deal. But if you have more than $6,000 to invest, you're going to need to use a different type of account to invest the rest.

The last major drawback to Roth IRA investing is that if you make too much money, you won't be able to invest in this retirement account. In 2020, if you make more than $139,000 per year, you'll be unable to invest in a Roth IRA.

With those Roth IRA pros and cons in mind, you'll be able to truly evaluate if a Roth IRA fits your investing strategy or if you would be better served by one of the many different types of retirement accounts out there.

Happy Investing!

TIMESTAMPS

0:00 INTRO

0:34 Roth IRA Basics

2:05 Benefit #1 Buying Investments

3:09 Benefit #2 Tax-Free Gains

4:37 Benefit #3 Easy Access

6:24 Drawback #1 Withdrawing Earnings

8:04 Drawback #2 Contribution Limits

9:47 Drawback #3 Income Limits

9:38 Takeaways

Join Apple Crider (Young Smart Money) and Deacon Hayes (Well Kept Wallet) as they chat about paying off debt and creating a healthy outlook on finances. Deacon helps people make money, save money, and pay off debt. He shares how he transitioned from talking to millionaires to the average person, the common roadblocks that people face financially, and the most effective strategies that get people success. Did you know you can cut your spending without changing your lifestyle? Head to the podcast to learn more!

By the end of this episode, you will avoid comparing yourself to others, learn to utilize deadlines, and invest in your interests.

TONOR Q9 USB Microphone Kit   20% off code: SmartMoney20  

Amazon Link: https://www.amazon.com/dp/B07JMYG6LF

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About Deacon Hayes:

Hi! My name is Deacon Hayes and I am a personal finance expert, speaker, and podcaster.

I founded Well Kept Wallet in 2010 initially to share my story on how I paid off $52,000 of debt in only 18 months.

I was so excited about the process that I decided to become a Financial Planner with Ronald Blue and Company.

After a few years of working with high net worth individuals, I realized I wanted something more.

I wanted to reach the average person who was looking to better their financial lives. I then switched gears to figure out how to help people make money, save money and pay off debt; but this time through this website.

I have had the privilege to be a writer for US News and World Report as well as Clark Howard.

I also have been featured in many news publications including Yahoo Finance, US News & World Report, Forbes, CNN Money, and more.

In 2017, I got a publishing deal with Adams Media (a division of Simon and Schuster) where I wrote the book: You Can Retire Early! Everything You Need to Achieve Financial Independence When You Want It.

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You can find Deacon Hayes on…

Twitter: https://twitter.com/deaconhayes

LinkedIn: https://www.linkedin.com/in/deacon-hayes-767b7b3/

Website: https://wellkeptwallet.com/deacon-hayes/

YouTube: https://www.youtube.com/channel/UC5tJ29CLYZsqUE40dlgWXMw

For all resources mentioned in the show check out www.applecrider.com/resources

For more personal finance and entrepreneurship subscribe to my YouTube channel -- www.youtube.com/applecrider

How do you secure a killer domain name like swag.com and land a massive first client like Facebook within a matter of months? Today Jeremy Parker, founder and CEO of Swag is sharing how he was able to do just that and scale to $300,000+ of revenue within their first year.

Jeremy had been working in the promotional products industry for a number of years before he decided to launch Swag, during which time it became clear to him that most promotional products companies were on a race to the bottom. In order to undercut on prices, companies were sacrificing the quality of their products and customers were suffering the consequences.

Meanwhile, Jeremy also noticed that the demographics of the average promotional products buyer was shifting from a middle-aged office manager to a 20-something that wore Patagonia to work. This new consumer was much more quality-conscious and was willing to pay a bit more for high quality promotional products that they would be proud of. Also, these consumers didn't say "promotional products", they called it "swag".

That's when the idea for Swag hit him. There was clearly a demand for high quality swag, but the companies willing to supply products at this level were not out there. So Jeremy decided to start putting the pieces in place for rapid scale.

Through a $1M+ creatively structured deal, Jeremy was able to secure the rights to use swag.com before he had sold a single product. And with a domain name and a few samples, Jeremy and his co-founder decided to swing for the fences on their first client...they were going after Facebook.

Listen to the full podcast for the rest of Jeremy's story along with his advice for aspiring young entrepreneurs!

0:00 INTRO

2:05 Swag Backstory

4:10 Landing Facebook As Their First Client

7:35 How To Get To Decision Makers

9:25 How Swag Fosters Inbound Marketing

11:00 Early Issues Encountered

13:58 Where The Name Came From

16:35 Raising Capital

19:50 Prioritizing Different Projects

25:10 Marketing vs. Product Development

29:45 Advice To His Younger Self

31:35 Jeremy's Businesses Before Swag

35:45 Partnering With Others

37:45 Industry Publications

38:55 What Jeremy is Excited About

40:50 Habits

41:40 Non-Scalable Practices

43:15 Jeremy's Contact Info

44:05 Closing Thoughts

For more, check out Apple's YouTube channel: https://www.youtube.com/applecrider

This episode is sponsored by TONOR. For 20% off the TONOR Q9 Mic Kit, use the code SMARTMONEY20 on either Amazon or TONOR's website.

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Join Apple Crider (Young Smart Money) and Ed Canty (Canty Financial) as they chat about taxes for entrepreneurs. Ed is a financial planner that helps others plan for retirement, manage their investments, do income taxes, tax planning, and the like. He explains the importance of separating personal and business expenses and gives effective ways to do it. They dive deep into self-employment tax, estimated tax payments, depreciation, and the common mistakes around taxes. 

By the end of this episode, you learn the importance of keeping proper accounting records, educate yourself, and not be too scared whenever you hear the word “taxes.” Enjoy!

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About Ed Canty:

Ed is a Registered Investment Advisor Representative and tax professional at CFM. He graduated from the University of Tampa with a Bachelors of Science degree in Finance. Ed specializes in individual tax preparation and investment advisory services and is in the process of pursuing the CERTIFIED FINANCIAL PLANNER™ certification through Northwestern University. He enjoys volunteering in the local community and is a member of the Ballston Spa Rotary Club.

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You can find Ed Canty on:

Canty Financial: https://www.cantyfinancial.com/

Investing Simple: https://www.investingsimple.com/

For all resources mentioned in the show check out www.applecrider.com/resources

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Become a part of the Young Smart Money Community join the Facebook group -- http://bit.ly/YSMgroup

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Join Apple Crider (Young Smart Money) with Mike Michalowicz as they talk about making profits and knowing what your biggest challenge is. In order to make profits, Mike gives the different ways to identify where margins are lost and how to identify inefficiencies in the business. They talk about his new book Fix This Next and his experiences with helping business owners figure out the right thing to do. He also reveals innovative ways to use and monitor money, such as loss aversion, debt leveraging, and bank balance accounting. 

By the end of the episode, you will learn where to work on your business, rethink your lifestyle, and form a different idea around profits.

You can find Mike Michaolowicz on…

Fix This Next: https://fixthisnext.com/

Website: https://mikemichalowicz.com/

Podcast: https://podcasts.apple.com/us/podcast/the-entrepreneurship-elevated-podcast/